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TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation (“Mandalay” or the “Company“) (TSX: MND, OTCQB: MNDJF) is pleased to announce that approval of the Australian Foreign Investment Review Board (“FIRB”) has been obtained in connection with the Company’s previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Alkane Resources Limited (“Alkane”) has agreed to indirectly acquire all of the issued and outstanding common shares of Mandalay (the “Transaction”).
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On June 26, 2025, FIRB provided written confirmation that the Australian Commonwealth Government has no objection to the Transaction. This satisfies the last outstanding regulatory approval required under the arrangement agreement dated April 27, 2025 in connection with the Transaction.
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In addition, on June 23, 2025, the Supreme Court of British Columbia (the “Court”) granted an interim order in connection with the Transaction, authorizing the calling and holding of the special meeting of Mandalay shareholders (the “Meeting”) to vote on the Transaction and certain other matters related to the conduct of the Meeting.
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Key Milestones Ahead:
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- The Meeting has been scheduled for July 28, 2025.
- The management information circular of Mandalay (the “Circular”) and the related meeting materials have been filed on SEDAR+ and will be mailed to beneficial shareholders on July 7, 2025.
- The Transaction remains subject to receipt of the final order from the Court, the approval of Mandalay shareholders and Alkane shareholders, and the satisfaction or waiver of other customary closing conditions. The Transaction is expected to close in early August 2025.
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The Transaction has been unanimously approved by the board of directors of Mandalay (the “Board”), and accordingly the Board recommends that shareholders vote in favour of the Transaction at the Meeting.
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Frazer Bourchier, President, and CEO commented:
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“This represents a key milestone in advancing and de-risking the merger. With all regulatory approvals in hand and the Circular filed, we’re looking forward to completing the Transaction and forming a new, diversified mid-tier gold and antimony producer. We believe that the enhanced scale and financial strength of the combined company will provide a strong foundation to unlock shareholder value and support a meaningful re-rating.”
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For Further Information:
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Frazer Bourchier
President and Chief Executive Officer
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Edison Nguyen
Director, Business Valuations and IR
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Contact:
647.258.9722
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About Mandalay Resources Corporation:
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Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
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